Streetwise

Rest, Reflect, Repent

Is the flight from risk a mere moderating of recent raging expectations, or a grave portent?

History repeats itself. Apparently, so do financial markets, because the withdrawal of the Federal Reserve's easy-money stimulus is provoking a drama we've seen before.

You'd think bond prices would droop with the Fed cutting back its third -- and biggest -- bond-buying program, but the opposite is happening in 2014. As was the case when the first two rounds of quantitative easing ended, bonds have sprung to life, while the yield on 10-year Treasuries has shriveled from 3.03% to 2.68% in five weeks. And while the Standard...